Mortgage loan premiums going up

(Anton Prado/Fotolia)

(Anton Prado/Fotolia)

Myke Thomas, QMI Agency

, Last Updated: 1:29 PM ET

CALGARY — The Canada Mortgage and Housing Corporation is hiking its mortgage loan insurance premiums.

The CMHC says it will increase its premiums an average of about 15% for owner-occupied, self-employed and one-to-four unit rental properties, including low-ratio refinance premiums, effective May 1, 2014.

The increase does not apply to mortgages currently insured by CMHC.

Home buyers with less than a 20% down payment on their mortgages must pay to insure their mortgages through CMHC, which controls about 70% of the mortgage default insurance market in Canada, or through private players Genworth Canada and Canada Guaranty.